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$50,000 Prize Pool Available for Buffalo-area MWBE Entrepreneurs

New York Business Development Corporation (NYBDC) and affiliate Excelsior Growth Fund in collaboration with 43North and the City of Buffalo are proud to announce that the application period for the 2nd Annual THE PITCH business plan competition is now open. The competition, which this year has more, than doubled its prize pool to $50,000, is designed to support minority- and female entrepreneurs in Erie County.

NYBDC and Excelsior Growth Fund are the Signature Sponsors of THE PITCH, with additional support from KeyBank, ECIDA, Kaleida Health, Foit-Albert Associates, and Iroquois Construction Services.

This year, there will be two categories to the competition: Growth Companies and Main Street Businesses. They are defined as follows:

Growth Companies aim to be leaders in their industries based on stronger level of growth than other companies in their respective fields. Growth companies typically require significant cash flow and have an innovative product or a service that draws in more consumers and income. Many tech startups are in this category because they are designed to grow quickly and sell to a very large market.

Main Street Businesses are also known as community small businesses. Examples may include local dry cleaners, restaurants, car repair operations, beauty salons, service providers and retailers that are part of the fabric of our daily lives. Many owners are focused on earning a living and contributing to the community by hiring employees. The primary focus is not on high growth expansion.

Each category will have one grand prize of $15,000 and one runner-up prize of $5,000. There will also be the Five Star Bank People’s Choice Minority and Women Small Business Award of $10,000. In addition to cash prizes, each winner and finalist will get the opportunity to participate in Allstate’s Minority and Women Emerging Entrepreneurs Program.

Businesses can apply until Friday, September 1, 2017 at 12pm EDT. To be eligible for consideration, a business must be minority- or women-owned and located in Erie County. The businesses must not have more than 50 full-time employees and it must have been operating for a minimum of one fiscal year by the application deadline.

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ABOUT NYBDC

NYBDC's goal is to promote the business prosperity and economic welfare of the State of New York by providing loans to small businesses including start-up, early stage and mature businesses, with a particular emphasis on minority and women owned businesses. NYBDC provides opportunities to access capital to create or preserve job opportunities and to stimulate the growth, expansion and modernization of small businesses in New York State.

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